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CNBC
Nov 23, 2012 12:00pm EST
take a closer look at today's move. steve liesman and rick santelli. gentlemen, thank you for joining us. how is the american consumer? . >>> we would have stampeded out to like walmart or something. >> see what the bargains are. that's the question, right? the consumer is certainly in better shape than he or she was one year ago. home prices are back up, sent machine is back up. the process of separating consumers from their money is intricate. my point would be that the consumer is in decent shape to buy if the deal is right. are you selling into this? had el's not hearty us. >>> binds you are up ten basis points, so your safe harbors are selling off a bit. there is perceived good news. on the fiscal cliff, i can't make a comment. i don't think we have enough info. trying to tack the reform or race taxes, but if you look at the cac, for example, they've had a huge week. france was downgraded and did lose their aaa, at least from the moody's vantage point. never before has the rally made 16 1/2% look so cheap, but that last one is an interesting story. you know, one of the things we
CNBC
Nov 21, 2012 4:00pm EST
open their wallets this weekend? steve liesman says absolutely. stick around for our retail therapy panel coming up. >>> later on, with the fiscal cliff and debt looming larger, you'd think our nation's lawmakers would be working this thanksgiving. go figure. i'll talk to one of the fix the debt ceos about the biggest crisis facing our country. back in a moment. g kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings show me how schwab tdd#: 1-800-345-2550 rates specific foreign stocks tdd#: 1-800-345-2550 based on things like fundamentals, momentum and risk. tdd#: 1-800-345-2550 and i also ha
CNBC
Nov 21, 2012 12:00pm EST
have put in investor protections. steve cohen covers any sort of legal lawyer fees of ill gotten gains if anything comes to that. they changed that structure so that investors wouldn't be involved. so he's told people to just keep their heads down and do what they do and at the same time, this seems to have rattled the staff there. >> kate, stick with us. you know, we're talking about -- another investor in sac, the managing partner, guy you know well, frequent guest on our show joins us now. anthony, welcome to the show. good to have you on. >> scott, how you doing? >> good. so, you're an investor with sac. are you pulling your money? >> i think the entire thing is overblown. two, he's an exceptional investor, got a great reputation in the industry, he's a philanthropist and great guy. they have the tightest insider trading. an enemy of witch hunts and political witch hunts, it's very unfair and i think the story is overblown and people our innocent until brooufproven gui. he's also let out a statement saying he's in full cooperation. >> but to be fair, the government has charged a po
CNBC
Nov 22, 2012 2:00pm EST
i'm steve kroft. thanks for joining us. [ticking] [ticking] >> in a nondescript t-shirt at a nondescript desk, mark zuckerberg runs a vast global empire, leading the whole internet in his direction. is the goal for you to conquer the whole internet? to own the internet? >> well, think about it like this. people--if they can use a product of any category--photos, music, tv, anything--either by themselves or with their friends... >> mm-hmm. >> i think most of the time, people want to do those things with their friends, so-- >> so is the answer "yes"? [ticking] you describe bill gates in very harsh terms. um, you've described him as being quite abusive. i mean, it's not a pretty picture. >> and i felt like when i wrote it, i should just tell it like it happened, in an unvarnished way, warts and all. >> you'll hear how the two high school buddies who started microsoft and a computer revolution had some pretty trying times along the way. do you think he came to think that you weren't working as hard as he was and it became a source of resentment with him? >> well, i thi
CNBC
Nov 26, 2012 6:00am EST
's a trademark. >> greg brown said it, it will stick. >> thank you for coming in. >>> a nation on a cliff, steve rattner, another member of the fix the debt committee. obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is
CNBC
Nov 27, 2012 12:00pm EST
in today's traders. steve weiss, this stock has made quite a move, and certainly the tide seems to have changed on the street. >> it has. you know, they came up and they were the big bears on the stock and upgraded the stock yesterday. it was going a little before that. now others don't want to miss it. to me it outpaced the fundamental improvement. you can't go against basically 800 to a billion subscribers, but you still need a mobile strategy that works that will bring dollars to the bottom line. they haven't shown to me yet they have yet. i would not a buyer on the breakout. >> the most recent earnings report was good. they withstood the big lockup expiration which thought would be a big weight on the stock. that very day face books shares you were double-digits. >> correct. you talk about confidence now. you talk in terms of why they grow revenues and they talk about an advertising strategy similar to google. it looks like it will grow revenues and the mobile ad strategy. it gives the street some confidence. what do you do with the stock here? it's bumping up against july 25th's br
CNBC
Nov 21, 2012 1:00pm EST
shopping season, let's look at the shopper. steve leisman on some fascinating numbers on the health of the consumer heading into this critical time of year. steve? >> tyler, thanks very much. we are going to check the pulse of the consumer heading into this holiday season. the retailers can only do as well as the shopper is doing in their wallet, in their pocketbook and in their mind. here we have -- we have these nice lines here. that's supposed ton like d to ekg. we're checking the holiday health of the consumer. one of the key metrics for what consumers think about the world -- home prices. this time last year, median home price fell at almost a 6% rate. now it's rising by 11%. let's move on and take a look at wages. wages were up 3.5%. year on year this time last year. now the number is almost 4%. still needs to be 5% or 6% because that's a nominal number that doesn't account for inflation. sentiment 20 points high weather it comes to the consumer. what about the unemployment rate? this time last year we went into christmas with a 9% unemployment rate. now move it over. it is 7
CNBC
Nov 23, 2012 6:00am EST
the conversation with dana and steve. what else we got going on? >> we're going to check on global markets. we are a bit above fair value here, about 8 points. 2 on the nasdaq and the tp would open -- so would you say that's mixed, right? >> i'd say barely bunch oiged. >> what are we waiting for? >> monday for the holidays to be over. a shortened trading day. europe is down just barely. and asia, which has been trading for quite a while longer here, authorize's they're up a little bit. now let's take a look at oil. it's down a little bit. brent right around the 110 mark people have been watching. natural gas down, as well. and the ten year, my favorite gauge, 1.673. nothing's changed. the dollar, what's happening with the dollar here? 1.28. a little more strength -- not much really. >> although that's a stronger euro. big story has been the dollar-yen. some sense that there will be serious spending out of japan. finally, gold. a measure of a lot of things here. up five bucks. time for the global markets report and we have ross westgate standing by in london. any news out of mario draghi in. >>
CNBC
Nov 27, 2012 3:00pm EST
right now? let's talk about that in our clo"closing bell" exchange. steve liesman will have breaking news momentarily. steve, do you have that? >> yes, i do. what we have is a report from the new york fed on consumer finance. what the news shows is that overall, consumer credit outside of real estate is up just a bit. most of that, by the way, is student loan debt, being up about $42 billion inside that $2.7 trillion number. overall, mortgage debt is down and overall debt is down. the basic gist of the details, bill, is that consumer credit continues to decline overall. delinquencies are down and bankruptcies are down. balance sheet repair continues. a little bit more willingness of the consumer to take on some debt and a lot of it -- >> that's very interesting, steve. let me ask you something, david. >> i want to make one more point, which is that when you talk about how much the dow is down today, it should be down more because the rally we didn't have from the better economic news this morning. >> yeah, no, that was a good point. david, so we've got consumer confidence data, which
CNBC
Nov 27, 2012 2:00pm EST
. bring you more on that in a second with steve liesman. the nasdaq is positive now, closed up yesterday, the sixth straight day, have is to work hard, do it again today. big stock mothers for you, conagra foods and ralcorp there, conagra sealing a dial diehl to buy ralcorp for $5 billion becoming the biggest private label food company here in north america. >>> as i mentioned, good economic news out today but is it enough to erase any of the huge losses from hess hurricane sandy? let's find out. senior economic reporter steve liesman. can you answer that question for us, steve? >> best i can, sandy, may be early days but we are getting new information about what the expected or estimated costs of hurricane sandy. we had governor cuomo, the entire state of new york, if town add in the costs of rebuilding, the economic damage, 42 billion, inclusive what we heard from mayor bloomberg, which was new york city 19 billion on its own. we heard from governor christie from new jersey, 29.4 billion. i think this san old number, keep trying to get a newer one, 360 million right now, where they are
CNBC
Nov 22, 2012 3:00pm EST
i'm steve kroft. thanks for joining us. [ticking] [ticking] >> it is the mark of the yakuza: ornate, full-body tattoos that cover the members of the japanese mob. so how did one of their most notorious godfathers get into america and jump to the front of a line for a lifesaving liver transplant? this reporter found out and says it may cost him his life. >> as he was leaving and getting in his car, he said, "that"-- you know, "that--that goddamn american jew reporter. i want to kill him." [ticking] >> greg mortenson's book three cups of tea is a publishing phenomenon that has made him a celebrity, a cult-like figure on the lecture circuit, and inspired people to give nearly $60 million to his charity, and it all began with one simple story. >> it's a beautiful story, and it's a lie. >> we wanted to talk to mortenson about that and some other things, but he didn't want to talk to 60 minutes. >> steve kroft. >> nice to meet you. >> how you doing? >> thanks. >> got five minutes for us today? >> um... [ticking] >> we wondered how the man who could whistle up a corporate jet on a whim...
CNBC
Nov 23, 2012 9:00am EST
us today. opening bell is up next. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >> this >> this is a live picture of cairo. protestors there demonstrating a day after the president there ordered that he can run the country unchecked until a new constitution is drafted. you can see thousands there. we're monitoring the situation there as we speak. protesters bearing down in cairo, egypt. we're getting set for another day of trading here. there you have it. opening bell on wall street. kids day here. day after thanksgiving at the new york stock exchange. we see a lot of junior traders filling orders here at the new york stock exchange. ronald mcdonald house charities celebrati
CNBC
Nov 26, 2012 3:00pm EST
reporter steve liesman, plus mary thompson. we're going to be here for a while. john, let's start with you. any signs of progress on the hill? >> reporter: nothing tangible. we saw it at the initial meeting between the president and congressional leaders. we saw it over the weekend when some republicans again repeated their openness to being willing to raise taxes, which is something that is violated republican orthodoxy. here is jay carney just a few minutes ago in reaction to those comments. >> some of the comments you mentioned are welcome. and they represent what we hope is a difference in tone and approach to these problems and a recognition that a balanced approach to deficit reduction is the right approach. it's the one most beneficial for our economy. >> reporter: the president's trying to take advantage of that different tone. he talked to speaker boehner over the weekend by telephone. and today you've had two business leaders, john engler, tom donahue, in to meet with senior white house officials. they're trying to keep this going. aides on capitol hill tell me no substantive pro
CNBC
Nov 28, 2012 3:00pm EST
to the financial system. >> steve, if only the market could focus on just the economy, which actually seems to be chugging along okay. if you look at durables, consumer confidence, the ongoing recovery and housing, it's the overhang of the cliff that's spooking everybody. >> yeah, we've had somewhat better numbers. the new home sales today, not great. maybe sandy affected even though the government said it wasn't. the economy's okay. it may be more of a 2% plus economy in the fourth quarter than is being given credit on the street. it's not gang busters. the question has been for a long time -- by the way, there's some headlines from the beige book. you can see it really did affect the northeast, new york, and new jersey especially. so we'll see some of that in the data in the months ahead. we'll be seeing some rebuilding going on. you know, i would not make a call here on the economy, scott, to say go ahead and invest in the economy. after the fiscal cliff everything is fine. i think there's a reason for cautious optimism, but i don't think there's a reason to think it's going to go gang b
CNBC
Nov 28, 2012 2:00pm EST
though. >>> let's get straight to steve leisman for those breaking headlines from the beige book. >> thanks very much. aen net dotal reports from the 12 federal reserve districts say the economic activity expanded at a measured pace in recent weeks. eight districts say growth was modest. st. louis and minneapolis say the growth was stronger. boston said it was slower. then have you new york and philadelphia attributing weakness to hurricane sandy. >>> districts reported concern and uncertainty over the fiscal cliff. that's another theme that runs through this report along with sandy. consumer spending grew modestly. manufacturing however weakened or in some cases even contracted so that dual track economy of the economy doing okay but the manufacturing sector not is a theme in this report. slice gains in residential and commercial real estate. tight inventories out there for housing. demand was higher for mortgages and auto loans and credit quality overall appeared to improve. small business loan was weaker to only moderately higher. that sector continues to be troubled. there we
CNBC
Nov 21, 2012 6:00am EST
with the government. yesterday prosecutors charged a former employee of the firm with insider trading. but steve coen is said to have personally signed off on the series of transaction. the government alleges that former s.a.c. employee helped the firm avoid losses and bring profits in totaling $276 million by using insider tips he got from a doctor about test results. prosecutors are calling this the most lucrative insider trading scheme ever. and the last time that people said well, of course we do -- what, they pay research organizations. >> expert networks and all this. >> expert networks. people that are paid to know how -- do you could even go and talk to -- i guess can you talk to some of the patients that are in the clinical trial and get some anecdotal evidence? >> you might be allowed to do that. this is different. >> this is the guy who's running it. >> and he's telling the investor what to do. the question i have -- and i've known steve coen for a long time. i have a huge amount of respect for him. >> does he know what he's getting? >> thus far they've been trying to go after steve foreve
CNBC
Nov 27, 2012 6:00am EST
of course could grow. steve liesman has been crunching the newspaperup i numbers and hn the next hour. this is to try to build up some sort of protection, some massive floodwalls. governor cuomo was saying this would be like $9.1 billion to start building. >> questions about the future of the sec following mary shapiro's exit. elyse walter could run the agent until december 2013 when she would have to be renominated and reapproved by the senate. among the issues, and ongoing battle over regulating the $2.5 trillion money market fund industry, some 63 unfinished rule making requirements that are all part of dodd-frank and continuing fears of course about market stability and high frequency trading. p. >> money markets used to be covered by the fdic when the crisis first came on. >> and also worth pointing out, there was one failure of mary sha piro's time in office, shall was this was it. she wanted to regulate that business. you remember that vote. if there was any regulation, the money market industry claimed they would go out of business because there would be too much collateral se
CNBC
Nov 21, 2012 7:00pm EST
to bailout yet another housing agency. that's what it looks like. here now is steve maister managing partner at maister selig and fine. welcome back, steve. this is the federal housing administration, right? fha. they are short, you tell me, they are short $56 billion in reserves. that's to me, puts them on the edge. bankruptcy. >> that's right. there's no question as taxpayer bailout coming here. look, the government, obama administration just loves sub prime mortgages. this whole enterprise, this fha, is really a garner to of sub prime mortgages and taxpayers are going to pay big time larry. >> as though we haven't learned anything from $140 billion bailout of fanny and freddy. correct me if i'm wrong, but 40%, roughly, 40% of the loans that they insured just under the last year or two, have been sub prime loans. they haven't learned a thing. >> they haven't learned a thing. or maybe they just don't care. but yes, you're absolutely right. 40% sub prime loans. moreover what it is, is people who have gone through one, sometimes two foreclosures, bankruptcies and have razor thin down payments
CNBC
Nov 27, 2012 4:00pm EST
resolve one way or the other. i think this is one of -- >> steve, he brings up a good point. consumers are not worried about the fiscal cliff. intraday trading today shows investors are worried about the fiscal cliff. who's right? >> well, consumer confidence showed that consumers are excited about housing. i think that's the one small bright spot that we've all seen that people can take benefit of low interest rates to buy homes, to renovate their homes. i think that's a small shining spot. >> but the spirit of the question is, should we be worried about the fiscal cliff? are we making much ado about nothing? >> well, consumers should understand that out of the $610 billion possible impact of the cliff, $400 billion is coming right out of the consumers' pockets. i think the answer to your question is they should be concerned with it. they're not educated enough on it to understand that $400 billion comes directly from their pockets. >> don't go anywhere yet, folks. we have some breaking news. earnings out from your favorite company, herb. >> i've said all along this company cannot aff
CNBC
Nov 27, 2012 9:00pm EST
minutes. >> steve kroft. >> nice to meet you. >> how you doing? >> thanks. >> got five minutes for us today? >> um... [ticking] >> we wondered how the man who could whistle up a corporate jet on a whim... >> let's rock. >> or throw a $2 million birthday party was doing in his reduced circumstances. what's it like to go from king of the world to prisoner number 05a-4820 serving 8 to 25 years behind bars? >> in my wildest imagination, when i would project myself into my late 50s and early 60s, where i would be or what i would be doing, if i make a list of 100 different places or 100 different things, here would never make that list. >> welcome to 60 minutes on cnbc. i'm morley safer. in this edition, we look at stories of crime, punishment, and what money can buy. first, the high-stakes world of japanese organized crime, where big dollars saved the life of an infamous gangster. then we investigate how best-selling author and philanthropist greg mortenson used some of the assets of his multimillion-dollar charity. and finally, we talk to dennis kozlowski, the former ceo who once made hea
CNBC
Nov 27, 2012 1:00pm EST
at this point. >> reporter: one of the speakers constituents, steve hightower, has a petroleum distribution business, like the economy is doing well. he has known boehner for years and believes the speaker wants to make a deal with president obama to avoid the fiscal cliff and impact on families but also seen washington's disfunction and has his doubts. >> somewhat just like the president, time to go ahead and do your job. >> reporter: speaker boehner is secure enough in his own district here north of cincinnati i-75 that his constituents will give him a freehand to negotiate. his bigger challenge is pulling together republicans from districts across the country behind any deal he ultimately strikes with president obama. the next four weeks that is the challenge john boehner, eric canter, and candidates on the house and senate are going to find. how do you put together a deal that not only the leaders agree upon but members of the caucuses can give majority to us in both houses? >> indeed, john, thank you very much. >>> meantime, some important economic data came out today and if you were l
CNBC
Nov 21, 2012 2:00pm EST
to what many believe it their ultimate target -- that would be steve cohen, the man who runs sac capital. the indictment of somebody who had worked at an sac ooh knit for what they claim is the larger single insider trading case of all time. >> do we have any idea at all, any inkling of what libt he may have? >> not at this stage. question is whether the gentleman in question will turn, matthew martoma, becoming a witness for the prosecution, cooperate and perhaps implicate mr. cohen. very much unclear, of course. there was a reference in the complaint to phone calls between the two and we don't know what was on those calls. many people tell me they'd be shocked if that were the case because of the company the company and hedge fund have in place and have for many years. they believe mr. cohen absolutely acted appropriately regardless -- or whatever may have been said on those calls and the decisions he made. i want to bring in kate kelly who's been following this story for us since it broke. >> hey, david. interesting case involving steve cohen, as you were discussing. you know, most pe
CNBC
Nov 27, 2012 9:00am EST
on corning at 7%. >> this is a stock -- everyone loves corning technologically including the late steve jobs. it's been a dog of a stock. >> goldman likes things that have exposure to men. >> foot locker and crocks come out as their buys. steve madden is a sell. i think foot locker as nike. those who want to play nike, substantial chinese business and over inventory. you want to say the best way to think about nike going over par, genuine "wall street journal" for 100 is look at foot locker and say they sell a lot of nike. >> they say we favor athletic for the stickier male customer base which sounds disgusting. >> yeah. >> the countdown to christmas marches on. did cyber-monday kill black friday this year? we'll explore that question. santelli talks to sheila bair. here what she has to say about banks, fiscal cliff and bailouts. first, the opening bell. tuesday trading action when "squawk on the street" comes back. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with peop
CNBC
Nov 28, 2012 6:00am EST
.a.c. management and it's unclear whether steve cohen himself will be on the call will be briefing investors of what's going on of late, notably this case filed last week. and this case is important because for the first time it would appear that steve cohen the fund founder has implicated himself in one of the trades involved, although we don't know what knowledge he had and whether he knew that martoma alleged improper information. having said all that, it's unclear what s.a.c. is facing in terms of investor redemptions. i reported last week on one money manager who under pressure from individual investors in its fund were redeeming capital. now, the next window to take capital back is actually not until early 2013, but that party filed a bit early. as of yet i was hearing there are other individual investors who are in s.a.c. either through funds of funds or in this case through private brokers who are feeling very uncomfortable about it. and they are almost looking at s.a.c. as a stock that could go to zero if these legal issues get serious enough. now, their advisers, money managers are
CNBC
Nov 20, 2012 9:00pm EST
partners don't kill you. >> welcome to 60 minutes on cnbc. i'm steve kroft. in this edition, we look at the multibillion dollar business of international crime. first, we report on the theft of an eye-popping fortune stolen from the iraq treasury. then we take a look at shoplifting gangs from south america. and finally we go undercover in china to expose rampant product counterfeiting. we begin in iraq with the theft that's been called one of the largest of its time, the mother of all heists. and it happened right under the noses of u.s. advisers. as iraqi investigators told us in october of 2006, more than half a billion dollars had disappeared from the defense ministry-- money that was supposed to equip the iraqi military. investigators believe the very people that the united states had entrusted with the funds had stolen them. but it seemed neither the u.s. nor its allies had much of an appetite for pursuing the matter. >> people have died. moneys have gone missing. culprits are running around the world, hiding and scurrying around. i have to ask myself why has this happened? it i
CNBC
Nov 22, 2012 4:00pm EST
about as remote as you can get. >> welcome to 60 minutes on cnbc. i'm steve kroft. we live on an increasingly endangered planet, from the glaciers of antarctica to the rich prairie lands of canada. and the ultimate disaster may be financial as well as environmental. later in this episode, scott pelley reports from antarctica on the wide-ranging effects of global warming. and later bob simon has a story from canada on the environmental damage caused by the next great oil rush. but our first story involves a controversial waste product that could have damaging effects on the environment. there are more than 600 coal-fired power plants generating electricity in the u.s., and those plants produce 130 million tons of waste called coal ash. it contains concentrations of mercury, arsenic, lead, and other toxic materials. and as lesley stahl first reported in 2009, when coal ash is dumped into wet ponds--and there are more than 500 of those across the country-- the result can have an enormous health risk on the people living in nearby communities. >> we get about 48%, nearly half o
CNBC
Nov 28, 2012 5:00pm EST
said, look, they'll never make money, it's a ponzi scheme were way too wrong way too negative. >> steve grasso said that. >> so if, mason -- let's say mason isn't the guy for the job, is there a short list? >> i don't know. it's a good question, but it's a turn-around situation right now and europe is the crisis and then it is really pulling the whole company together and building -- they're in 25 countries or something like that. it's incredibly big already. >> we saw the magic a new ceo could have on a stock when we saw marisa meyer taking the helm. what's your take on where it is now? it does seem it's a little bit of a stretch in terms of the rally we saw -- >> well, i work for yahoo and own the stock and have since the '90s, the legacy position i've had forever. i don't want to say it's overdone. look, yahoo has a huge asset, which is 700 million people use the site worldwide. nobody else is duplicating that. facebook went by it, different business. but yahoo is holding that business. they should be able to build a good business out of that. and when the stock was trading in the lo
CNBC
Nov 28, 2012 1:00pm EST
's recap for you some of the other big headlines that have been driving today's session. steve cohen's sac capital receiving a wells notice from the s.e.c. saying it may take civil action against the $14 billion hedge fund. this comes after former sac portfolio manager matthew martoma was accused of running a $276 million insider trading scheme. >>> two firms are making a play for knight capital. >>> all week long on cnbc we're looking at the power players in washington. we are asking their constituents whether or not they are rising above to help solve the fiscal cliff. jane wells is live in the house minority leaders' home state. >> reporter: sue, coming up we're going to go to nancy pelosi's district to ask her constituents what they think of her, what they want from her, and if they're actually worried the fiscal cliff will happen. pg with the emphasis on "lunch" when we come back. >>> in october 2004, our national debt was $7.4 trillion. today that number has more than doubled to over $16 trillion. ♪ ♪ ♪ [ male announcer ] 'tis the season to discover the kid in all of us. the me
CNBC
Nov 26, 2012 2:00pm EST
signs" rolling at you from the corner of epic deliciousness. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values
CNBC
Nov 28, 2012 6:00pm EST
, is the conclusion of the "lightning round." [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. scuba diving into the bsh which is rewoo doesn't po other things, no matter what happens. which isn't rocket science. it just comensense. from it. >> b. spsh duluth trading butt naked everywhere feels like. go up there at delay tlading.com. -- trading.com. >>> this market, chaotic place. i doubt things will change much over the next few weeks. now is the time to prepare for the worst. hope for the best but prepare for the worse. it's likely mark workt be go rue tlun the twruchbld or you tweet me at snornlt. >> why don't we start with@henry dll pill ar prp skb zbrrmt swrr wind stream, i'm worried about the yield there. a lot of bad nut in the last few days. there as a 00 that are better, and then park. >> spchl. >> caller: mald boo-yaks fk this was. >> at at utility call s
CNBC
Nov 22, 2012 4:00am EST
extraordinary. joining us is head of voice of customer analytics team. steve, thanks for joining us. it's a surprising discovery. where have you done the survey and how have you found out this is the case? >> we have done it across several countries across 7,000 respondees and we're finding that it's quite shock to go some people i think that price would automatically be seen as being the most competeitivcompetitive. service is more of the marketing proposition that companies should be going with rather than just putting everything around price. because service is a very eknow difference subject. >> is this equally across online and in the shop? >> it's across all channels. and this is where we're finding a lot of companies are -- >> so it isn't a point about going online. actually price is the whole point about online. >> i think where companies are missing the service is looking at the voice of the customer experience. so a lot of people might be focusing online and on price or they might be seeing online as more of a complaints channel. >> just trying to think about what is service c
CNBC
Nov 22, 2012 5:00pm EST
. there are lots of theories about what triggered the price rise. as steve kroft reported in 2009, many people believe it had more to do with wall street speculation than with oil companies. >> to understand what happened to the price of oil, you first have to understand the way it's traded. for years, it's been bought and sold on something called the commodities futures market. here at the new york mercantile exchange, it's traded alongside cotton and coffee, copper and steel by brokers who buy and sell contracts to deliver those goods at a certain price at some date in the future. it was created so that farmers could gauge what their unharvested crops would be worth months in advance, so that factories could lock in the best price for raw materials and airlines could manage their fuel costs. but in late 2007, that market started to behave erratically. and when oil doubled to more than $147 a barrel, no one was more suspicious than dan gilligan. >> we have to make sure that the futures market is an honest market. >> as the president of the petroleum marketers association, he represents more t
CNBC
Nov 26, 2012 9:00am EST
the company from several angles. i heard 675 as target. not sure if that's right. >> upswing coming. steve is an old friend of mine. good time to add position. valuation low. earnings momentum. how many citigroup analysts does it take to change -- that's a different piece of research. i do believe that apple is that sweet spot where people are saying that sell-off finished and maybe all of the big selling is done. i don't know how far i can go. i just think that in the end they did miss two quarters. they have to make this quarter. i don't know. they have to make it. >> if it were a man, you say he's not the same man as he was before? apple. if the stock were a person? >> more of an aaron rodgers than eli manning. >> that's not good in light of last night. >> only as good as your last game. >> manning didn't look that great. >> listen, eagles play the carolina panthers. do you want me to -- could you lend me eli tonight? >> who is the starting quarterback for the eagles? >> that's what they're trying to figure out themselves. >> this is far field. >> maybe they'll take smith over there. >>
CNBC
Nov 22, 2012 1:00pm EST
] >> welcome to 60 minutes on cnbc. i'm steve kroft. in this edition, we look at three stories linked by the financial collapse of 2008. first, we examine a scam that's cost thousands of americans their homes. then we look into wall street's shadow market of credit default swaps. finally, a report on the perilous state of state finances. we begin with the foreclosure crisis. in the aftermath of the great recession, the huge number of foreclosed properties was a significant factor in weighing down the economy. many were stuck on the market for an unexpected reason: the banks couldn't find the ownership documents. as scott pelley first reported in april 2011, lenders wanting to evict people found that often, the legal documents behind the mortgages simply weren't there. caught in a jam of their own making, some companies appeared to have resorted to forgery to throw people down on their luck out of their homes. >> these folks on the street aren't homeless. they slept on the sidewalk because they want to keep their homes. facing foreclosure, they camped out to get in line to beg their ba
CNBC
Nov 23, 2012 1:00pm EST
out. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> the market >>> the market rallying all week as if a fiscal cliff deal is as good as done. but are we setting ourselves up for a fall here? >> zero chance of a deal? you're scaring the kids. cnbc contributor zach caramel is more optimistic. while mike santoli says a deal is already priced into the market. mr. party pooper, why do you think we get no deal at all? >> the same composition of congress existed before the election is what we have after the election. nothing happened before then. i'm just repeating what lawmakers said. chris van howen, representative out of maryland, said if nothing is done before they go on summer
CNBC
Nov 26, 2012 12:00pm EST
in that complaint is steve cohen who is the head of s.a.c. capital. according to the complaint, the owner of the hedge fund was aware of these trades. and a lot of people feel that this is a key development in this case. back to you. >> all right, bertha, thanks so much, bertha coombs for us down in lower manhattan. again the significance. this is the first time we're seeing the man accused by the feds of pulling off the biggest insider trading scheme in u.s. history. herb, thanks to you, as well. we'll see you again soon. and when "halftime" comes back. from black friday to the cyber monday rush, we're on the hunt for new retail stock plays and a top portfolio manager is going to tell you what should be on your shopping list. >>> and later, citi initiates coverage on america's favorite stock, apple with three separate analysts. they'll all join us exclusively to dissect the tech giant. with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and nar
CNBC
Nov 28, 2012 12:00pm EST
nearly half of its value since january as the company struggles to remake its image. steve, john, you guys are going to debate it. i know you love this one. >> i love to be short this one. i'm short again and when jim cramer came out this morning and talked about pvh and related that to jcpenney sales in izod, stock popped up over $1. i shorted some more. >> he still said he didn't like it. >> he came back and said he didn't like it but the market misinterpreted it. so i went through the circulars before black friday and they undercut macy's on every item. i went through the circulars. couldn't help it. that's the only part of the "times" i was reading that day. but they undercut them by 10% on some items. that means they're going to lose mr money. you can't discount your way to profit apt. ron johnson sold stock way, way, way long ago. his best move since he arrived there. this is going to -- this company is going to have to raise cap fall next year. >> doc, why is he wrong? >> he's wrong because just what he mentioned, about the discounts. because people were complaining they weren'
CNBC
Nov 21, 2012 9:00am EST
. a lot more "squawk on the street." back am-n a minute. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> you know the holidays are here when santa rings the opening bell. if only every day could be like this. the big board, macy's thanksgiving day parade, in it's 86th parade. we'll talk to the executive producer of the prad inarade in moment. yy inc celebrating its ipo today. watching for some movers. brent relatively mixed here. a little more color on hp. "the times" takes a crack at it, giving us some anecdotes how out of the loop mike lynch kept himself. >> yeah, maintaining separate headquarters. we heard from mr. lynch yesterday on maria bartiromo's program. he, of course, d
CNBC
Nov 28, 2012 9:00am EST
on them and they are well prepared to handle this and founder of the firm, steve cohen, is personally responsible for this. cohen said he was present at the beginning of the call and turned it over to his president and said we take these matters seriously and i'm confident that i acted appropriately. nonetheless, you guys, this is definitely a difficult chapter for them because you have a situation in which cohen has been implicated in the events with former trader mathew martoma because he partook in discussions but now the firm they founded in 1992 may be charged on a corporate level. >> kate, you know, another firm -- i think this could be in some ways we've seen it almost a death blow. outside investors even just with the wells notice can often times pull their money. as we pointed out many times, $9 billion of what i've told is 15 billion overall in assets at s.a.c. is either mr. cohen or that of his employees. even if you were to pull out, it remains a huge hedge fund. their investor base is toughened at this point as well. >> those are fair points. there seems to be a growing l
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